As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to stay calm and patient during these times of uncertainty. The latest developments between Ripple and the SEC are intriguing, but I’m not holding my breath for any immediate resolution. The prolonged legal battle seems destined to go through July 2025, much like a never-ending soap opera.
TL;DR
- Ripple and SEC are entering a new phase in their lawsuit, with filings and appeals extending the case.
- Bitcoin briefly surged past $68,000, fueling optimism about a potential bull run with some analysts predicting new all-time highs.
- Dogecoin soared to almost $0.13, attracting attention with some bold but unlikely forecasts for further gains.
What to Expect on the Ripple v. SEC Front?
The upcoming days are expected to be filled with significant developments in the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). As stated by Stuart Alderoty, Ripple’s General Counsel, the SEC has until October 17th to submit Form C, a document that will provide some insight into their plans for any potential appeals.
Ripple has seven days to come up with a Form C response, which should include additional details about their cross-appeal.
Once these processes are finalized, both parties need to establish a mutual briefing timetable. The agency is given 90 days to submit its initial brief, following which Ripple will have an opportunity to respond promptly. Alderoty anticipates that the entire briefing process could extend until July 2025.
More recently, American attorney Fred Rispoli, who has been closely monitoring the case’s progression, expressed his opinions regarding the SEC’s possible subsequent actions. He thinks that the Commission might challenge Judge Torres’ ruling on “programmatic sales,” “other distribution,” disallowing disgorgement, and the “insufficient” fine of $125 million.
“You might even see SEC appeal XRP in and of itself isn’t a security“ dicta/holding. SEC assuredly won’t win on this, but nothing stops it from throwing a few paragraphs at it in an appellate brief,“ he concluded.
BTC Resurgence
Over the past few days, the leading cryptocurrency has experienced a surge, reaching an all-time high of over $68,000 on October 16. Subsequently, it dipped slightly to its current price of $67,300, but bulls appear to still be in control.
Crypto X is buzzing with analysts who believe that the current resurgence might initiate a significant bullish rally. For example, Ali Martinez foresees Bitcoin reaching a new peak of approximately $86,600 if it manages to break through the resistance at $67,400.
Captain Faibik and the Crypto Rover expressed even greater confidence. The former suggested that Bitcoin could increase to $90,000 if it successfully breaks through the upward-sloping wedge pattern, while the latter set a price target of $100,000 for Bitcoin should Donald Trump win the upcoming U.S. presidential elections.
DOGE’s Impressive Performance
Recently, Dogecoin (DOGE), the top meme coin by market capitalization, has experienced significant price increases. On October 16th, it reached nearly $0.13, and as of now, it’s trading slightly lower at approximately $0.12.
The event garnered attention from various industry players, with some predicting even greater growth. Specifically, Ali Martinez shared a graph indicating potential for Dogecoin (DOGE) to surge up to $10.
Such a price explosion, though, would require its market cap to reach the astonishing $1.4 trillion, making the prediction quite unlikely.
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2024-10-17 10:46